Well I hate to take the ratings hit, but I think people who give you the opinion to work on your game as an engine don't ship many products.
I won't rate you down, as I think it is productive to discuss counter opinions - so I would also suggest that others don't rate you down either. To be perfectly honest, I don't work in the games industry, so I haven't shipped any games. I have however build and delivered many diverse applications that use 3D rendering functionality. So you are right, I can't speak to game development, but I most certainly can speak to software development that utilizes reusable rendering routines and algorithms (i.e. an engine).
So are you implying that you don't have an engine? You just work on one project, and when its time for another project you just take the existing project and modify it? What if you find a bug in your rendering routines - do you have to go back and make the same changes to a bunch of different projects?
It seems a bit silly to me to make the leap that anyone that tries to properly design a reusable library somehow isn't successful at delivering the end product. In fact, I would say the opposite - having discipline and considering a design aspect of a library has always driven higher productivity in my experience. You mileage may vary, but when you have to support many simultaneous and different projects with some common functionality, then I think it only makes sense to consider that common functionality as an engine...
I also don't work in the games industry, so I personally haven't shipped any games either. My understanding of the engine space is limited to Microsoft platforms, specifically directX. I develop a game in my spare time. I hope to one day make money from the game I develop, but of course I haven't, mainly because I work alone and I don't move quickly enough to capitalize on any markets. :(
I've been working on my hobby game for about 5 years, in that time Microsoft (which is where my full-time job is ironically), has changed the directX APIs significantly. I haven't had time to adapt, simply because I'm trying to get my original game finished. I would imagine that a slightly larger team (< 100 people) might actually be able to crank out a shipping game product in less than a years time with a certain degree of quality and make some money from it.
My opinion is that if they spent any extra time doing "engine" work they would both lose that slim chance to make money and still not create the re-usability they are after as the industry would have passed them by.
My opinion is that larger teams (> 100 people?) could make a living out of developing engines, either as middleware or for a platform with reasonable (3-5 year) longevity. In that case, the investment of time and energy in perfecting a usable engine *might* actually pay off for those larger teams.
However, for the hobbyist, I would not recommend wasting any time in crafting an engine or designing for reusability or future use. The hobbyist in my opinion should be obsessively focused on just producing a result and getting it to market (even if its alpha), so they can MAKE MONEY from it :)